Oppenheimer & Co. Inc. lifted its stake in Akamai Technologies, Inc. (NASDAQ:AKAM) by 83.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,585 shares of the technology infrastructure company’s stock after acquiring an additional 14,827 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Akamai Technologies were worth $2,384,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of AKAM. Exane Derivatives acquired a new position in Akamai Technologies during the third quarter worth $101,000. Flagship Harbor Advisors LLC acquired a new position in Akamai Technologies during the second quarter worth $102,000. Whittier Trust Co. increased its position in Akamai Technologies by 61.7% during the second quarter. Whittier Trust Co. now owns 2,266 shares of the technology infrastructure company’s stock worth $138,000 after buying an additional 865 shares during the last quarter. Piedmont Investment Advisors LLC acquired a new position in Akamai Technologies during the second quarter worth $142,000. Finally, Cornerstone Wealth Management LLC acquired a new position in Akamai Technologies during the second quarter worth $200,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.
AKAM stock opened at $72.25 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.03 and a quick ratio of 2.19. Akamai Technologies, Inc. has a 52-week low of $51.79 and a 52-week high of $83.08. The stock has a market cap of $12.30 billion, a price-to-earnings ratio of 31.00, a PEG ratio of 2.01 and a beta of 0.47.
Akamai Technologies announced that its board has authorized a stock buyback plan on Monday, October 29th that authorizes the company to repurchase $1.10 billion in shares. This repurchase authorization authorizes the technology infrastructure company to reacquire up to 10.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
In related news, SVP Aaron Ahola sold 1,123 shares of the stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $73.63, for a total value of $82,686.49. Following the completion of the sale, the senior vice president now owns 4,035 shares in the company, valued at $297,097.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Paul Sagan sold 39,092 shares of the stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $75.19, for a total transaction of $2,939,327.48. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by company insiders.
Several research firms have commented on AKAM. ValuEngine raised shares of Akamai Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, July 25th. B. Riley lowered their target price on shares of Akamai Technologies from $99.00 to $97.00 and set a “$79.75” rating on the stock in a research report on Monday, July 23rd. Piper Jaffray Companies reissued an “overweight” rating and set a $89.00 target price on shares of Akamai Technologies in a research report on Friday, July 20th. Deutsche Bank downgraded shares of Akamai Technologies from a “buy” rating to a “hold” rating and lowered their target price for the stock from $90.00 to $80.00 in a research report on Wednesday, August 1st. Finally, BidaskClub downgraded shares of Akamai Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Akamai Technologies currently has an average rating of “Buy” and an average target price of $80.29.
Akamai Technologies Company Profile
Akamai Technologies, Inc provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally. The company offers Web and mobile performance solutions, such as Ion, a situational performance solution; Dynamic Site Accelerator that helps in consistent Website performance; Image Manager that automatically optimizes online images; CloudTest to conduct load testing and other analysis of Websites in a pre-production environment; mPulse that provides real-time Website performance data to provide insight about end-user experiences on a Website; and Global Traffic Management, a fault-tolerant solution.
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